Strength through smart investment
2025: A year of strategic progress and operational wins
What does it take to deliver long-term value in a volatile energy market?
At Cenovus, the answer is strategic investment, operational discipline and a relentless focus on efficiency. In 2025, we didn’t just maintain momentum, we further strengthened the foundation for a stronger, more resilient future. Across our business, teams delivered milestones that set the stage for capturing more value in 2026 and beyond.
Major project milestones
The West White Rose project achieved several milestones, including industry firsts. The offshore installation of the concrete gravity structure (CGS) in the seabed took place in June followed by the connection of the topsides structure in July. With first oil expected in the second quarter of 2026, at peak production, West White Rose is expected to provide an additional 45,000 barrels of oil equivalent per day (net to Cenovus) by 2028 and increase the amount of our production exposed to higher value Brent pricing.
In July, the Foster Creek optimization project delivered first steam months ahead of its December target. This expansion and debottlenecking effort will increase production capacity and efficiency at one of our core oil sands facilities.
We also completed the Narrows Lake project, which connects existing steam generators and processing capacity to new well pads and boosts Christina Lake’s production.
Strategic growth and portfolio optimization
The acquisition of MEG Energy in November strengthened our oil sands portfolio with additional long-life, low-cost assets adjacent to Christina Lake. This strategic addition, along with the Narrows Lake tieback, has increased production at Christina Lake to more than 350,000 barrels of oil per day.
At the same time, we focused our downstream portfolio, selling our 50% interest in the Wood River and Borger refineries and sharpening our focus on assets that we operate.
Operational excellence across our network
November marked a major milestone for our Toledo and Lima refineries, when Toledo received its one millionth barrel of alkylation feed from Lima, since Cenovus began operating the Toledo Refinery in 2023, to run its three alkylation units. At Lima, 20 process improvements, from railcar loading to lab testing, are driving down costs and increasing reliability, proving that even small changes can deliver big results.
Our Toledo turnaround was another standout success when it was completed safely, under budget and ahead of schedule. Similar dedication drove safe and efficient turnarounds at Sunrise and Foster Creek, reinforcing our commitment to reliability.
Looking Ahead
These achievements reflect more than operational success – they represent strategic foresight. By investing in reliability, efficiency and growth today, we are poised to reap the rewards tomorrow through stronger margins, increased production and enhanced resilience in a dynamic energy landscape. The foundation is built, and the next step is to unlock the full potential of these investments.
LAST UPDATED: January, 2026
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